Telefónica will hold a Board of Directors meeting on September 27, in which it will analyze in depth the acquisition of a share package by the Saudi company STC Group, which is pending the corresponding authorizations in a process that is expected to be long. The Council on the 27th will be of an ordinary nature and its call is part of the activity of the telecom, which usually meets this body at the end of the month, as sources close to the operator have informed EFE.
In this council, for which the agenda has not been disclosed, this operation will be analyzed in depth, with which the Saudi group wants to acquire 9.9% of the capital of Telefónica. On the occasion of this operation, the president of Telefónica, José María Álvarez-Pallete, and his CEO, Ángel Vilá, traveled to the Saudi country. It is evident that this operation will be discussed in the Board of Directors, the sources have stated.
This operation is pending authorization from the Ministry of Defense, whose Minister Margarita Robles confirmed on Monday that there was no formal request in this regard. The acquisition was made through the investment bank Morgan Stanley, and the operation was formalized through the purchase of 4.9% of the shares, and 5% of financial instruments.
Sources have explained that the process is expected to be long. At the moment, it is unknown if STC Group will ask to join the Board of Directors of Telefónica, since, according to sources from the Saudi company, it is premature to do so, but if it does, it would have two seats.
